At Lerner & Weiss, we understand that all businesses, no matter how small or large, need contracts for all purposes. From leasing a building to employment contracts, having a rock-solid contract in place is vital. It can make a difference in later either spending thousands of dollars on litigation, or simply pointing out the contract term with which you are asking the other entity to comply. When contract disputes arise and litigation is required, we stand ready to fight for the rights of business clients.
Contract Preparation, Review & Negotiation
A carefully drafted contract, although not foolproof, will clearly establish the rights and obligations of all the parties. This will go a long way in preventing future litigation. Our business law attorneys strive to prepare contracts that meet the goals of the parties and covers all known contingencies.
We also negotiate contracts so we can be sure the terms are favorable to our client’s needs. We safeguard our client’s interests to be sure they are protected.
If you are offered, or asked to sign, a contract from another business entity, we will review it to be sure there will be no surprises to you later. We will negotiate on your behalf when the contract includes terms that seem unfavorable to you.
Common Business Contracts
There is a type of business contract to cover almost all eventualities. The goal is to have everything covered so there are no misunderstandings between parties. Some of the most common types of contracts include, but are not limited to, the following.
- Partnership agreements
- Buy-sell contracts
- Employment contracts
- Contracts for performance of services or delivery of goods
- Lease agreements for a brick-and-mortar location
- Lease agreements for equipment
- Non-compete agreements
- Trade secret agreements
- Insurance contracts
- Landlord/tenant contracts
- Contractor and subcontractor agreements
Breach of Contract Disputes and Litigation
Breach of contract means that one or both parties failed, without a legal excuse, to perform all the obligations called for under the contract. When one party allegedly breaches the contract, business litigation is often required. Evidence is presented by both sides and a judge or jury will ultimately decide whether or not the contract was breached and, if so, what the damages are.
Some of the most common types of breach allegations include:
- One party failed to deliver the services or goods according to the terms of the contract.
- One party failed to pay for services or goods that were provided.
- A party failed to meet the payment terms of a lease, mortgage or other business loan.
- A party missed a deadline that was spelled out in the contract.
- Business partners have disputes over terms in their partnership agreement.
When a contract has been breached, the party not in breach is entitled to certain legal remedies. Breach of contract remedies include:
- Specific performance. This requires the breaching party to perform the contract term that was not performed.
- Cancellation and restitution. The non-breaching party is allowed to cancel the contract without any legal consequences and then sue for restitution. The purpose of restitution is to, as much as possible, return the non-breaching business to the position it was in before the contract was breached.
- Damages. This includes financial remuneration to the non-breaching party so that, similar to restitution, as much as possible, the business is in the same position it was in prior to the breach. In very rare cases, if the breach was particularly egregious and the court sees a need to punish the breaching party, punitive damages may be imposed.
Lerner & Weiss is a full-service business law firm. From contract formation, negotiation and litigation, we can help. Contact us to schedule a consultation.